Mortgage | No Money Down Real Estate Training Blog

<body> <object width="425" height="355"> <param name="movie" value="http://www.youtube.com/v/pbHl9y59B2E?fs=1"></param> <param name="allowFullScreen" value="true"></param> <embed src="http://www.youtube.com/v/pbHl9y59B2E?fs=1&rel=0" type="application/x-shockwave-flash" width="425" height="355" allowfullscreen="true"></embed> </object> <p>Jean Chatzky is correct, you cannot get your FICO score--the score that is used by lenders--for free. However, if you want an approximation of that score, there are a few companies that will provide them for free. But keep in mind, that each free attempt will in fact add an inquiry to your report which has been known to lower your score. See credit score myths below. And all [except MY FICO] are the credit scores developed by the credit bureaus themselves, Experian, TransUnion, and Equifax, and are not your actual FICO scores. Only the FICO score from myfico.com is used by lenders to determine your credit worthiness. CreditKarma.com: Gives you your TransUnion score. But it is Advertising-supported. E-Loan: Experian score. If you visit their website, be sure to scroll down to "One-Time Credit Snapshots" and "Free Credit Score (Credit Score Only)" Prosper: Experian score. Feel free to ask any credit related questions in the comments section of this video. I'll be happy to answer them if I can. ALSO, PLEASE FREEZE YOUR CREDIT REPORTS!!!!!! and please go to www.optoutprescreen.com to opt out of all offers of credit and insurance for 5 years. Don't bother with the permanent opt-out. Credit score myths: Myth: You have only one credit score. You actually have three scores, one from each of the three bureaus (Experian, TransUnion, and Equifax). They use the same "equation" from Fair Isaac Corporation but they each collect their own data, they each have their own slightly <b>...</b> <strong>Video Rating: 5 / 5</strong></p> <object width="425" height="355"> <param name="movie" value="http://www.youtube.com/v/DzD0ajmIibc?fs=1"></param> <param name="allowFullScreen" value="true"></param> <embed src="http://www.youtube.com/v/DzD0ajmIibc?fs=1&rel=0" type="application/x-shockwave-flash" width="425" height="355" allowfullscreen="true"></embed> </object> <p>LeahCoss.ca Hi everyone. How are you? It's Leah Coss, with The Mortgage Center. I wanted to talk about the foreclosure process. Because I have gotten the question before, where someone says, look it. Something has happened, whether it be they've been in a car accident or someone's died in the family. Or they've lost their job or something like that and they're having to go into foreclosure or they're starting to miss a lot of mortgage payments. And what they're wondering is, well you know, our house is worth x amount, and we've got 20 percent equity in there. I mean, if we go into foreclosure, are we going to see any of that equity. How does this work? Well, there's no simple answer. But basically, I will let you know this. Banks don't want to go through foreclosure proceedings if they don't have to. It costs them money. It costs them time. And there's no guarantees that they get all of their money back, especially if it's an uninsured deal. So, do whatever you can to work with the bank on coming up with some sort of system to get caught up, OK. If that doesn't work which it might not, OK, and you might have to go into foreclosure. Then when it comes to getting any of your equity out, there is no guarantees. And, in fact, it is very rare that you will see any money from that, unless you have a lot of money in that place and the market is fairly hopping. The reason being is, you have to understand that when a bank lends you money, they're not lending it to you on good <b>...</b> </p></body>